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In addition, a massive rejuvenation of Australia’s existing hotel stock is underway,
highlighted by the recent announcement that Mulpha would invest AUD$200 million in
a complete upgrade of the flagship InterContinental Hotel Sydney.
Tourism Accommodation Australia CEO, Carol Giuseppi, said record levels of
investment – both local and overseas – would revolutionise Australia’s hotel industry over
the next five years.
“ This is the most extensive and all-encompassing hotel rejuvenation phase in
Australia’s tourism history,” she said.
“It is both responding to the massive growth in tourism demand and anticipating
long-term growth in the visitor economy.
“ The investment boom is covering all aspects of the industry – from international
chains to boutique properties, city centre to suburban, business to resort. Cities such as
Perth, Brisbane and Adelaide have been transformed by a substantial number of new
hotel openings in the past few years, and Sydney is set to follow suit with $2.3 billion
worth of hotel projects already approved and a further $1.9 billion of projects proposed
and in advanced stages of planning.
“Investor confidence is being supported by Federal and State governments’
commitment to major tourism and urban infrastructure projects including new
convention centres, airport facilities and tourism precincts.
“ The investment pipeline will fuel Australia’s economy and employment for many
years to come. Already the industry supports over 184,000 full time equivalent jobs
directly and through flow-on impacts, and the 200 hotels in the pipeline have the
capacity to deliver a further 30,000 full-time equivalent jobs.
“However, future investment could be jeopardised by the growth of unregulated
accommodation which has no barriers to entry, little transparency and few controls. It is
time for Australian authorities to follow the lead of overseas cities and crack down on the
proliferation of commercial short-term operators,” she said. ■
2017
New Zealand
HOTEL
INDUSTRY
CONFERENCE
The Langham, Auckland
19-20 July 2017
Register now for this
important event.
Don’t miss out - last year’s
conference was sold out!
www.nzhotelconference.com
Co-hosts
Brisbane’s huge Queens Wharf development
hotelmanagement.com.au 25
Development